Common product and marketing failure reasons
Some of the most common reasons for product failures typically fall into one or more of these categories:
- Faulty concept of product design
- Ego led push of an idea that does not fit the targeted market.
- Overestimated market size.
- Incorrectly positioning of the product.
- Ineffective promotion, including packaging message, which may have used misleading or confusing marketing message about the product, its features, or its use.
- Not understanding the target market segment and the branding process that would provide the most value for that segment.
- Incorrectly priced—too high and too low.
- Excessive research and/or product development cost.
- Underestimating or not correctly understanding competition’s activity or retaliatory response.
- Poor timing of distribution.
- Misleading market research that did not accurately reflect the actual consumer’s behavior for the targeted segment.
- Conducted marketing research and ignored those findings.
- Key channel partners were not involved, informed, or both.
- Lower than anticipated margins.
Using these potential causes of a product or brand failure may help to avoid committing those same errors. Learning from these “lessons” can be beneficial to avoid some of these pitfalls and increase the chance for success when you launch that next product or brand.
Anywhere Business Network